Kallanish

ArcelorMittal has upgraded its global apparent steel consumption growth forecast for 2021 to 7.5-8.5% on-year from the previous 4.5-5.5%, with capacity expenditure guidance also up to $3.2 billion. A strong demand outlook improvement has been indicated for Europe, where now apparent steel consumption is expected to recover 13-15%, up significantly …

Crude steel production in the 64 countries reporting to the World Steel Association (worldsteel) grew 11.6% on-year in June to 167.92 million tonnes. This represented a slight slowdown in growth rate due to slowing Chinese output growth. Production was also down 4% on May.

Chinese production grew only 1.5% on-year …

The Black Sea billet export trade has subdivided into several differently priced markets, which operate almost independent of current scrap price trends.

The disparity is due to the many interlaced fundamentals playing out in the fatigued market, where the vast majority of buyers are preparing for holiday breaks while attempting …

Turkish mills concluded numerous imported scrap during the last weeks. Although scrap suppliers were expecting prices to exceed $500/tonne cfr for HMS 1&2 80:20, this has not materialised, mainly because of lower-than-expected demand and a large number of offers in the market.

Demand has remained below expectations because Turkish mills …